Once a business has reach its full potential in the current market, the next goal would be to expand to new market. This would be the ideal move for brands to tap into a new market and build a global brand presence. However, this step carries heavy risk as it involves a hefty investment beginning with research execution. Brands would need to know who are their competitors, what is the latest trend in the market and what is the customer demand. If the local demand does not fit with the brand’s identity, then the brand would need to consider venturing into another market.
Omnilytics dashboard would provide market insights to answer the various market expansion questions. Using the dashboard, it would be possible to :
- Understand market seasonality and local demand
- Identify competitors
- Conduct brand positioning to identify gaps in the market
- Review SWOT analysis
- Identify gaps in assortment, pricing, colours, etc.
With the data and insights gathered from the above steps, brands can then formulate a market expansion strategy with more confidence. It is essential for brands to have a deep understanding of the market local demand. If the demand or market preference differs from the brand’s current offering, the brand would then need to take the effort to localise its assortment in the new market but without losing the brand’s identity.
Market expansion is no doubt the goal for every fashion brands out there but it can be as challenging as starting a brand from scratch. It may take months of effort into researching and understanding the new market landscape prior to entering into the new market. Not having a thorough research and proper planning would lead to a high chance of the brand failing in the market as the brands offering may not appeal to the demand of the new market.
We hope you found this article helpful! If you have any questions or would like to explore the Omnilytics dashboard further, feel free to reach out to your respective Client Success Manager.